Who loses under their bill? The middle class.
• If you’re a middle-class family:
o your taxes will go up—an average of $6,000.
o your property values will go down; and
o you’re going to lose your deduction for state and local taxes—almost half of which goes to services like local public schools, police departments and firefighters.
• If you are a teacher, you will lose your ability to deduct the money you spend on classroom supplies.
• If you have kids in college, or have student loans, your taxes will go up because you won’t be able to deduct the interest anymore.
• If you’re a grad student, your taxes could go up because your waived tuition will be treated as taxable income.
• If you or anyone in your family is sick, your taxes will go up because you can’t deduct medical expenses.
• If you’re a union member, your taxes will go up because you can’t deduct your dues.